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Tuesday, October 14, 2014
Good morning from Hamburg and welcome to our latest Daily FX Report. Fighting in Iraq's
western Anbar province has forced up to 180,000 people to flee since the city of Hit fell to
Islamic State earlier this month, the United Nations said on Monday.Islamic State fighters
extended that advance by overrunning a military base that the Iraqi army had abandoned 8 km
(5 miles) west of Hit earlier on Monday, according to an army officer and members of a
government-backed Sunni militia. Saudi Arabia is quietly telling the oil market it would be
comfortable with much lower oil prices for an extended period, a sharp shift in policy that may be
aimed at slowing the expansion of rival producers including those in the U.S. shale patch.

Anyway, we wish you a successful trading day!

Market Review Fundamental Perspective
The dollar fell to the lowest level in more than a month versus the yen after Federal Reserve
officials said a worldwide economic slowdown may delay interest rate increases, damping
demand for the U.S. currency. The main world currency added 0.1 percent to 106.95 yen from
yestersay, after weakening to 106.76, a level that has not been reached since September 11. It
was little changed at $1.2746 per euro. Japans currency traded at 136.33 per euro from 136.24.
The Bloomberg Dollar Spot Index dropped 0.2 percent to 1062.59. The index slid 0.8 percent
last week after ending October 3 at 1078.65, the most since June 2010. Australias currency
climbed from almost a four-year low as its biggest trading partner China reported better-than-
forecast export growth and an unexpected pick-up in imports. The Australian dollar rose versus
all expect one of its 31 major peers. The currency gained 1 percent to 0.8772 after sliding to
0.8643 on October 3, the lowest since July 2010. European Central Bank President Mario
Draghis words to do whatever it takes with a bond buying plan to save the euro-area goes on
trial before the European Unions top judges today. The ECB announced the details of its bond-
purchase plan in September 2012 as bets multiplied that the euro area would break apart and
after Draghis promise to do whatever was needed to save the currency. The calming of financial
markets that the still-untapped program produced helped the euro area emerge from its longest-
ever recession in the first half of last year. Two years after its announcement, the ECB is gearing
up to buy asset-backed securities and covered bonds to funnel credit to companies and
households and fuel inflation of just below 2 percent.


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Daily Technical Analysis
EUR/USD (4 Hours)
One of the most important currency pairs worldwide is held under control by the bears inside a
downward trend channel since the mid of August. It could break through it and gain some 270
pips but wasnt able to break through the resistance at 1.2772. Furthermore there is currently an
inverse head and shoulder pattern indicating that the price is likely to move down.

Support & Resistance (4 Hours)
Support Levels around Resistance Levels around
1.2598 1.2772
1.2505 1.2972
N/A N/A



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GBP/JPY (4 Hours)
This month the JPY was able to recover versus its major peers including the GBP. After touching
180.37 the the upward trend stopped and now the price is around 172. Further losses are
possible. The OsMA and the RSI are showing that the pair is oversold. Looking short term a
sideward movement is likely.

Support & Resistance (4 Hours)
Support Levels around Resistance Levels around
169.47 175.12
N/A 178.48
N/A N/A



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USD/JPY (4 Hours)
The most days in August the USD was stronger than JPY and the pair was moving in an upward
trend channel, although it could break through it. Nevertheless it returned inside the channel last
week. The MACD is showing that the pair is highly oversold and a movement towards the Center
line is possible. The Momentum is moving sidewards.

Support & Resistance (4 Hours)
Support Levels around Resistance Levels around
103.53 109.27
101.67 N/A
N/A N/A


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Daily Calendar & Key Events
Date Time (GMT) Economic Indicator Last Survey
14/10/2014 08:00 IT CPIEU Harmonized (Sep) (YoY) -0.2% -0.2%
14/10/2014 08:30 UK CPI (Sep) (MoM) 0.4% 0.2%
14/10/2014 08:30 UK CPI Core (Sep) (YoY) 1.9% 1.8%
14/10/2014 08:30 UK Retail Prce Index (MoM) (Sep) 0.4% 0.3%
14/10/2014 08:30 UK PPI Output NSA (MoM) (Sep) -0.1% -0.1%
14/10/2014 09:00 GE ZEW Survey (Oct) 25.4 15.0
14/10/2014 09:00 GE ZEW Survey Expectations (Oct) 6.9 0.0
14/10/2014 11:30 US NFIB Small Business Optimism (Sep) 96.1 95.8








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